MARKETS FOR THURSDAY 05 SEPTEMBER

NIFTY SPOT FROM 28TH AUGUST LOW OF 5119 TILL TUESDAY 3RD AUGUST HIGH OF 5579, RETRACED NEARLY 61.8% TO 5323 ON WEDNESDAY AND WENT UP TILL 5460 ON WEDNESDAY TO CLOSE NEAR THE HIGH OF THE DAY AROUND 5448. THE MARKETS AFTER THE BIG FALL ON TUESDAY & ITS SUBSEQUENT RISE ON WEDNESDAY TECHNICALLY DEPICTS MORE UP MOVE IN STORE FOR NIFTY. A RISE ABOVE SPOT NIFTY LEVEL OF 5460 TO SUSTAIN ABOVE IT WILL SEE A SHARP UP MOVE AND A FALL TO BREACH AND SUSTAIN BELOW 5383 WILL SEE A SHARP DECLINE TOWARDS WEDNESDAY’S LOWS OF 5353 THAT WILL THREATEN FURTHER FALLS. MOST LIKELY NIFTY IS ALL SET TO MOVE UP FURTHER EVEN IF A BULL TRAP WAS FORMED ON WEDNESDAY END. SUSTAINING ABOVE 5460 CAN SEE 5480 FOLLOWED BY 5511 SPOT NIFTY LEVELS TO LOOK FOR TAKING OUT THE TUESDAY’S OPENING & DECEPTIVE HIGH CUM BULL TRAP LEVEL OF 5579.

NIFTY FUTURE TRADERS MAY EXPECT A GAP UP TO THE RESISTANCE OF 5474 SUSTAINING ABOVE WHICH ONE CAN EXPECT MASSIVE SHORT COVERING TOWARDS 5500 LEVELS THROUGH THE REST BAY AROUND 5488. SUSTAINING ABOVE 5500 CAN SEE NIFTY FUTURE MOVE UP TOWARDS 5520 OR EVEN 5550 OR HIGHER LEVELS TO EYE FOR THE TUESDAY’S BULL TRAP HIGH OF 5572. ON THE LOWER SIDE EXPECT STRONG SUPPORT AROUND 5434 FOLLOWED BY 5410 BELOW WHICH EXPECT THE MOST CRITICAL SUPPORT OF 5383. IN CASE 5383 IS NOT HELD AND A 30 MINUTE OR EVEN A 15 MINUTE CANDLE CLOSES BELOW IT THEN NIFTY FUTURE MAY SLIDE TOWARDS 5350 OR EVEN TO WARDS WEDNESDAY’S LOWS OF 5319 SUSTAINING BELOW WHICH MAY SPELL THE END GAME FOR THE REJUVENATED BULLS.

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